Gasoline

Gasoline Falls to $2.23 Per Gallon

The national average price of a gallon of unleaded gasoline continued its summer decline, falling to $2.23 per gallon to reach the lowest level since early May, according to federal data.

The price fell 2.3 cents for the week ending July 18, and is now 57.2 cents lower than a year ago. Regional prices also fell as tracked by the U.S. Energy Information Administration. The average price in nine regions declined with the Lower Atlantic falling most sharply by 4.6 cents to $2.072 and the Central Atlantic falling 4.3 cents to $2.229.

Fuel prices continue to decline across the country due to "abundant fuel supplies and declining crude oil costs," according to AAA. Many areas are now seeing sub-$2 gasoline, which hasn't occurred in more than a decade.

Meanwhile, the average price of diesel fell 1.2 cents to $2.402 per gallon. Diesel is now 38 cents lower than a year ago.

The average fuel economy of new vehicles sold in the U.S. in December fell to 25 mpg — down 0.2 mpg from a revised November value, according to Brandon Schoettle and Michael Sivak, researchers from the University of Michigan's Transportation Research Institute (UMTRI).

The national average price of unleaded gasoline jumped 5 cents to $2.49 per gallon in the first week of 2018 and has reached a level not seen since 2014 during the week that starts the new year, according to AAA.

China is setting a deadline for automakers to end the sale of fossil-fuel powered vehicles as the country looks to reduce oil consumption and pollution and push for the development of electric vehicles. Regulators are working on a timetable for the ban.

The average national price of gasoline remained at $2.29 per gallon for the week ending March 27 amid discussion by the Organization of the Petroleum Exporting Countries (OPEC) to extend a production cut by another six months.